Forbes Russia reports that Binance has established its local digital asset marketplace in Kazakhstan.
The Astana International Financial Center is the foundation for the Binance Kazakhstan platform. The AIFC license, secured in October, authorizes the firm to provide cryptocurrency exchange, exchange trading, and crypto asset storage services.
Binance Kazakhstan clients may now buy and sell digital currencies, trade and convert them. The platform now provides 21 types of tokens, with plans to raise that number to 100 by the end of the year.
So far, only Mastercard cards issued in the republic may be used to replenish the balance and withdraw money from the exchange. Foreign consumers will also need a Local Identification Number (LIN) to use the platform's fiat channels.
Fiat (conventional) currency payments via cards are limited to $937 per transaction. In the future, money can be added to a personal account and withdrawn by transfer through the Freedom Finance bank.
Binance Kazakhstan also intends to offer business trading this year. The exchange's future objectives include overseas customer access and establishing fiat channels in foreign currencies.
According to Rustam Avezov, the inventor of the SeedBox platform, Binance attempted to join the Uzbek market but was turned down in August of 2022. The NAPP alluded to the company's undesirable circumstances, particularly the obligation to facilitate peer-to-peer Bitcoin transactions.
Binance advertised a position for a general manager in Uzbekistan at the end of 2022. The manager in this job will develop strategies, action plans, and a business model for the new market.
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